SUBMITTED FALSE LOAN APPLICATIONS ON BEHALF OF SOME 14 BUSINESSESTF (42) and CJ (55), both from Georgia, were convicted by a federal jury (in mid-February) for having defrauded the Paycheck Protection Program (PPP) out of some $11 million.
Between April and August of 2020, the duo submitted loan applications on behalf of 14 businesses seeking loans of approximately $800,000 each and made materially false representations (re number of employees, etc.), and submitted phony documents (like tax forms), in support of those requests.
And once funds were received, the miscreants allegedly “laundered” the cash to mask where they were being directed and how the funds were being expended.
The defendants face up to two decades in prison for wire fraud and money laundering, and up to three decades for “fraud and false statement to a federally insured bank.”
Think they’ll take that to the bank?
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